Cobra's Market View

Also, tech-heavy indexes have little energy in them, so very recent energy weakness isn't weighing them down.

Daniel wrote:Also, tech-heavy indexes have little energy in them, so very recent energy weakness isn't weighing them down.

good point

MSFT hod. XHB hod. A relatively unchanged spx day has been rare lately, and such days are good for studying sector diffusion.

Strong today: XLK, KRE, IYR, XHB, FXI

Very weak: XOP, XLE,XLU, EWZ

also.. AAPL now also hod

re: ARKK

Just to contrast my previous charts of SPY....

Left P&F shows nice down move with capitulation volume which is needed for bottom.... Now bottoming...(my opinion, may be fiction!)

Right chart show Andrews with Fib Time Zones. #2 caught short term trade. Note the BOP which shows Smart Money, Large Institutions buying the down move. Note selling into the down move at #2 but no lower low because big money is there to buy the bargain.

NFLX calls from yesterday are up 14% today. Under expectations but still in good shape. I won't think of selling until SPY hits 397 zone

CBOE QUICKIE, few minutes ago
"Huge July Call Spread"
https://www.youtube.com/watch?v=lYVhGY4uVnA

This is a longer term view of NFLX. It looks vulnerable to drop to $101. The structure from 2017-Jan 2022 was incredibly strong. A P&F cup and handle with the handle above the lip...but it failed. And there is very little support until $101.11. It is consolidating now so hopefully it's not a continuation to the downside. But note, that downside volume is increasing.

Also, if you are familiar with: https://www.nasdaq.com/market-activity/ ... l-holdings

Institutions are decreasing their holdings of NFLX.

Cletus Close Notes:

1) NYMO appears poised to tick up and form a positive divergence relative to SPX. Not a guarantee of a bottom but step 1
2) The VIX dropping sharply today is a good sign for Monday
3) Bullish moon cycles are good for another week and half at least, so bulls should get a swing higher
4) Would like to see a very strong close today and something more substantial in terms of daily gains, and of course follow through with a big up Monday
5) The collapse in oil and gas prices today and a rise in bonds are significant. It might be signaling the end of inflation and a peak in gas prices. Expect CPI to improve significantly on future prints.

Have to wait until Tuesday.

So much bearish sentiment last two days I sold my UPRO for a loss when it looked like support failed. I'm done for a while. Probably go up now

S2 is a tad lower:
https://stockcharts.com/h-sc/ui?s=SPY&p ... 3260462966

Possible 3 Push up, as always give bulls more credit so maybe another push up making a slightly lower low or higher low before the pullback.

Crude Oil WTI is dropping hard. $108.64 -7.54%
Gasoline is also down.
So might be good for a rally until Oil and NG goes back up or not.

Experts Agree: Elon Musk's Twitter Takeover could sink TSLA STock.
Musk raised $12.5 B margin load borrowed against TSLA stock holdings.
-But that depends if TWTR share price goes up or down?

Well, guess that's it for today. Here's what Monday looks like: https://stockcharts.com/public/1684859/ ... /533449377

Thank you guys, I'll see you in another thread soon.

Before the close, please take a little time to vote for me, thanks: https://stockcharts.com/public/1684859/ ... /533449377

6/17: OE Day, Dow down 6 of 7
Week after June OE, Dow down 27 of 31 per our leader, Cobra!